Nifty 50 Index chart using Elliott Wave Theory 15 min chart

Observations:
Downtrend in Progress: The chart shows a strong downtrend, with a steep decline followed by a small retracement.
Wave Structure:
The large drop could be Wave 3 (impulsive).
The current minor pullback may be Wave 4 (corrective).
If this is true, a Wave 5 downward move might follow.
Expected Next Move:
If the correction (Wave 4) is not complete: A bit more upward retracement could occur before the final Wave 5 drop.
If Wave 4 is complete: The market could enter Wave 5, leading to another leg down.
Confirmation:
A break below recent lows confirms Wave 5 down.
A strong bounce above 22,186–22,240 could mean the downtrend is weakening.